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Sellers Construction Company purchased a compressor for $116,000 cash. It had...
+ Sellers Construction Company purchased a compressor for $112,000 cash. It had an estimated useful life of four ye...
+ Sellers Construction Company purchased a compressor for $112,000 cash. It had an estimated useful life of four years and a $9,600 salvage value. At the beginning of the third year of use, the company spent an additional $7,560 related to the equipment. The company's financial condition just prior to this expenditure is shown in the following statements model: Assets Equity Rev. Exp. Net Inc. Cash Flow Book Value of + Cash Com. Stk. 24,500 Ret. Earn. Compressor 11,900 +...
Sellers Construction Company purchased a compressor for $106,000 cash. It had an estimated useful life of...
Sellers Construction Company purchased a compressor for $106,000 cash. It had an estimated useful life of four years and a $12,000 salvage value. At the beginning of the third year of use, the company spent an additional $8,490 related to the equipment. The company's financial condition just prior to this expenditure is shown in the following statements model: Income Statement Stockholders' Equity Balance Sheet Assets Book Value of Compressor 59,000 Statement of Cash Flows Cash + - Com. Stk. +...
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $9,900 salvage value. At the beginning of the third year of use, the company...
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $9,900 salvage value. At the beginning of the third year of use, the company spent an additional $6,130 related to the equipment. The company’s financial condition just prior to this expenditure is shown in the following statements model: Assets = Equity Rev. − Exp. = Net Inc. Cash Flow Cash + Book Value of Compressor = Com. Stk. + Ret....
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $8,800 salvage value. At the beginning of the third year of use, the company spent an additional $7,640 related to the equipment. Th
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $8,800 salvage value. At the beginning of the third year of use, the company spent an additional $7,640 related to the equipment. The company’s financial condition just prior to this expenditure is shown in the following statements model: Assets=EquityRev.−Exp.=Net Inc.Cash FlowCash+Book Value of Compressor=Com. Stk.+Ret. Earn.11,360+62,000=23,800+49,560NA−NA=NANA RequiredRecord the $7,640 expenditure in the statements model under each of the following independent assumptions: (In the Cash Flow...
Tower Company owned a service truck that was purchased at the beginning of 2018 for $43,000....
Tower Company owned a service truck that was purchased at the beginning of 2018 for $43,000. It had an estimated life of three years and an estimated salvage value of $4,000. Tower company uses straight-line depreciation. Its financial condition as of January 1, 2020, is shown in the following financial statements model. Assets = Equity Revenue − Expense = Net Income Cash Flow Cash + Machine − Accumulated Depreciation = Common Stock + Retained Earnings 31,000 + 43,000 − 26,000...
Tower Company owned a service truck that was purchased at the beginning of 2018 for $46.000....
Tower Company owned a service truck that was purchased at the beginning of 2018 for $46.000. It had an estimated life of three years and an estimated salvage value of $4,000. Tower company uses straight-line depreciation. Its financial condition as of January 1, 2020, is shown in the following financial statements model. Assets Revenue Expense Net Income Cash Flow Cash 34,800 Machine 46,800 Equity Retained = Common Stock + Earnings 17,880 35,880 Accumulated Depreciation 28,000 NA NA NA NA In...
Diaz Company issued bonds with a $116,000 face value on January 1, Year 1. The bonds had a 8 percent stated rate o...
Diaz Company issued bonds with a $116,000 face value on January 1, Year 1. The bonds had a 8 percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning December 31, Year 1. The bonds were issued at 98. The straight-line method is used for amortization. Required a. Use a financial statements model like the one shown next to demonstrate how (1) the January 1, Year 1, bond issue and (2) the December 31,...
please answer asap, thank you! The following are the financial statements of Nosker Company. NOSKER COMPANY...
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The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $34.150 Accounts receivable $19,250 19,300 32,700 Inventory Equipment Accumulated depreciation-equipment 26,650 59,500 (29,900) $123,100 21,000 77,200 (23,200) $113,550 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,350 $ 16,550 7.2008,200 28.000 32,250 17.950 14,050 41.600 42.500 $123,100 $113,550 Total Retained earnings 41,600 42,500 Total $123,100 $113,550 NOSKER...
Please use the accounting equation for this (Horizontal Financial Statement Model) Waddell Company had the following...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a...
please answer asap! thank you! "iew Policies Current Attempt in Progress Alex Company reported the following...
please answer asap! thank you!
"iew Policies Current Attempt in Progress Alex Company reported the following information for 2020. Alex Company Comparative Balance Sheets December 31 Change Assets 2020 2019 Increase/Decrease Cash $61,000 $33,000 $28.000 Increase Accounts receivable 65.000 23.000 42,000 Increase Inventory 47.000 -O- 47,000 Increase Prepaid expenses 6,000 4,000 2,000 Increase Land 55.000 75.000 20,000 Decrease Buildings 210.000 210.000 -O- Accumulated depreciation-buildings (24,000) (16,000) 8,000 Increase Equipment 188,000 65.000 123,000 Increase Accumulated depreciation-equipment (29.000) (10.180) 18,820 Increase Totals...
+ Sellers Construction Company purchased a compressor for $112,000 cash. It had an estimated useful life of four years and a $9,600 salvage value. At the beginning of the third year of use, the company spent an additional $7,560 related to the equipment. The company's financial condition just prior to this expenditure is shown in the following statements model: Assets Equity Rev. Exp. Net Inc. Cash Flow Book Value of + Cash Com. Stk. 24,500 Ret. Earn. Compressor 11,900 +...
Sellers Construction Company purchased a compressor for $106,000 cash. It had an estimated useful life of four years and a $12,000 salvage value. At the beginning of the third year of use, the company spent an additional $8,490 related to the equipment. The company's financial condition just prior to this expenditure is shown in the following statements model: Income Statement Stockholders' Equity Balance Sheet Assets Book Value of Compressor 59,000 Statement of Cash Flows Cash + - Com. Stk. +...
Tower Company owned a service truck that was purchased at the beginning of 2018 for $46.000. It had an estimated life of three years and an estimated salvage value of $4,000. Tower company uses straight-line depreciation. Its financial condition as of January 1, 2020, is shown in the following financial statements model. Assets Revenue Expense Net Income Cash Flow Cash 34,800 Machine 46,800 Equity Retained = Common Stock + Earnings 17,880 35,880 Accumulated Depreciation 28,000 NA NA NA NA In...
Diaz Company issued bonds with a $116,000 face value on January 1, Year 1. The bonds had a 8 percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning December 31, Year 1. The bonds were issued at 98. The straight-line method is used for amortization. Required a. Use a financial statements model like the one shown next to demonstrate how (1) the January 1, Year 1, bond issue and (2) the December 31,...
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The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $34.150 Accounts receivable $19,250 19,300 32,700 Inventory Equipment Accumulated depreciation-equipment 26,650 59,500 (29,900) $123,100 21,000 77,200 (23,200) $113,550 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,350 $ 16,550 7.2008,200 28.000 32,250 17.950 14,050 41.600 42.500 $123,100 $113,550 Total Retained earnings 41,600 42,500 Total $123,100 $113,550 NOSKER...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a...
please answer asap! thank you!
"iew Policies Current Attempt in Progress Alex Company reported the following information for 2020. Alex Company Comparative Balance Sheets December 31 Change Assets 2020 2019 Increase/Decrease Cash $61,000 $33,000 $28.000 Increase Accounts receivable 65.000 23.000 42,000 Increase Inventory 47.000 -O- 47,000 Increase Prepaid expenses 6,000 4,000 2,000 Increase Land 55.000 75.000 20,000 Decrease Buildings 210.000 210.000 -O- Accumulated depreciation-buildings (24,000) (16,000) 8,000 Increase Equipment 188,000 65.000 123,000 Increase Accumulated depreciation-equipment (29.000) (10.180) 18,820 Increase Totals...
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